SCOTTSDALE, AZ, December 20, 2008
/24-7PressRelease/ -- M3 Companies, a leading real estate development company, is renovating and converting 12 single and two-story buildings, representing 300,000 square feet, into office and medical condos at 4222 E. Camelback Rd., on the NW corner of 44th Street and Camelback. The CamelSquare buildings, which range from 3,700 to 110,000 square feet, are now available for sale. Purchase prices range from $2.2 million to $13 million, depending on size and location.
In addition, a 200,000 square-foot building and an underground parking structure are planned for development.
"This is a once-in-a-lifetime location," explains W. Scott Schirmer, partner for M3. "There are no other buildings in the Camelback corridor - the gateway into Phoenix - available for purchase. I encourage professional service firms, such as physician groups, accountants, attorneys and others to take advantage of this unique opportunity to buy an office building in the heart of Arcadia/Biltmore/PV area while interest rates are low. It is a long-term investment opportunity that makes good business sense, especially in light of higher lease rates on the horizon."
Renovations planned for 2009 include a design and infrastructure refresh. The existing exterior will gain a smooth stucco finish, be repainted and receive an upgraded roof. New landscaping will enhance curb appeal. The parking lot will be re-paved, new mechanical units will be upgraded, and a new sign package will be implemented.
Jim Fijan at CB Commercial will serve as the broker. SAXA, the pioneer in office condos, is also involved with the CamelSquare project. For more information, contact Jim Fijan at 602-386-1325 or jim.fijan@cbre.com.
About M3
M3 Companies is a real estate development, brokerage and management company with offices in Arizona, Colorado and Idaho. Founded in 1983, M3 currently has over 20,000 acres of land under development or management. For more information, contact 602-386-1306 or sales@m3companiesLLC.com or visit us at http://www.M3CompaniesLLC.com.
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